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The introduction of a single currency will provide scope for a stronger Europe-wide securitization market, which should grow from the start of the transition to the euro. By Gilles Thieffry and Jonathan Walsh, Norton Rose, London

Credit Suisse First Boston (CSFB), the Swiss-US investment bank, has agreed to buy the UK and continental European equities businesses from Barclays de Zoete Wedd, the investment banking arm of Barclays Bank. The transaction is expected to complete in early 1998. UK firm Lovell White Durrant, through offices in London and overseas, is representing Barclays on the transaction. Partners David Harris and Hugh Nineham lead the Lovell team. The in-house team at Barclays is led by Howard Trust, group general counsel, assisted by Rachel Harris and Mark Edwards.

Dow Chemical has agreed to sell its Dow Brands consumer products unit to SC Johnson for between US$1.3 billion and US$1.7 billion. The deal is expected close by the end of 1997, pending regulatory approval. The sale is a further move to rid Dow of its non-core businesses. Dow Chemical has appointed US firm Mayer, Brown & Platt as legal advisers. Corporate and securities partner Scott Davis heads the team.

Shares of China Telecom raised HK$30.3 billion in a dual listing on the Hong Kong and New York stock exchanges. The deal is China's largest listing to date. Hong Kong-based investors bought almost 50% of China Telecom shares. The company offers mobile services in the Guangdong and Zhejiang provinces. US firm Sullivan & Cromwell advised on US law to the issuer. General corporate partners Chung Wei and Robert Delamater led the firm's team.

Debevoise & Plimpton is set to open an office in Russia, building on its local assocation in Moscow. Corporate practice head Stephen Friedman says the Budapest office will be closed down to focus efforts on Russia. "I would expect the Budapest office not to continue much longer because of the pace of the economy there," explains Friedman. The firm advised on several privatization offerings in Hungary and the financing of the local airport. In Moscow Debevoise had an affiliation with two Russian lawyers who acted as consultants to the firm. This will become a fully fledged office focusing on joint venture and project work with partner Rod Perkins moving to head the new operation.

Petroleum, Minerals, Energy & Resources Law

Alan Cameron, chairman of the new Australian Corporations and Financial Services Commission, talks to Graham Field

Legislative Decree No. 358 of October 8 1997 outlines a favourable tax regime for transfers and contributions of businesses and exchanges of participations in companies.

In the context of reshaping its entire energy and gas sectors, and emphasizing the liberalization policy promoted by recent Administrations, on September 3 1997, the Uruguayan Executive Branch approved Decree No. 324/97 governing import and transport of natural gas. The Decree is the regulation for the natural gas pipeline to link Uruguay and Argentina, for whose construction an international tender has recently been announced by the Uruguayan government.

New York and other US states have made substantial preparations for the advent of Emu to ensure continuity of contracts. By Daniel Cunningham and Thomas Werlen of Cravath, Swaine & Moore, New York